Coal India falls 4% on govt’s divestment plan

Coal India falls 4% on govt’s divestment plan

Extending the losses to the second session, shares of Coal India suffered a loss of over 4 per cent in early trade on Wednesday post reports of stake divestment by the government in the state-run PSU.

The government has decided to divest a 9 per cent stake in Coal India through a two-day offer for sale starting Wednesday, which is expected to fetch the Centre about Rs 14,000 crore at the floor price, including a greenshoe option.

Of the total 9 per cent stake selling, the centre has decided to sell 3 per cent through an offer for sale with a greenshoe option and to sell another 6 per cent to financial institutions and retail investors at a floor price of Rs 266 per share, ET reported. Read More

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